Applus+ Group Results Presentation H1 2016
26 July 2016
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Applus+ Group Results Presentation H1 2016 26 July 2016 1 - - PowerPoint PPT Presentation
Applus+ Group Results Presentation H1 2016 26 July 2016 1 Disclaimer This document may contain statements that constitute forward looking statements about Applus Services, SA (Applus+ or the Company). These statements are based on
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(1) Organic is at constant exchange rates (2) Operating profit, Operating profit margin, Operating cash flow and EPS are all adjusted for other results 4
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Adj.Op.Profit margin
9.0% 9.7% ‐66 bps
(1) Adj. Op. Profit stated as Operating Profit before amortisation of acquisition intangibles, Historical Management Incentive Plan, restructuring, impairment and transaction & integration costs (* ) The comparative figures for H1 2015 shown in the table above have been restated from those previously reported due to an increase in amortisation in acquisition intangibles by €0.8 million as permitted by International Financial Reporting Standards (IFRS) within a 12 month period of an acquisition. This is further explained in note 2.c of the Financial Statements presented as at 30 June 2016
(1)
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(* )
Cash Conversion rate 49.1% 34.7%
(1) Adjusted EBITDA is stated as Operating Profit before depreciation, amortisation and Other results (2) Includes €6 million for restructuring and €3.4 million for an adverse tax ruling (3) Cash generated pre-currency impact and change in financing. See Statutory Cash Flow reconciliation in Appendix
(1)
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(2) (3)
(* ) LTM EBITDA includes proforma annual results from acquisitions (1) Stated at annual average rate (2) Others includes dividends to minorities, purchase of Restricted Stock Units and restructuring costs
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(2)
(1) None above 5% (2) Includes currencies pegged to USD
(1)
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Spain 19% Rest of Europe 29% North America 19% LatAm 9% Asia Pacific 12% Middle East & Africa 12%
Oil & Gas 40% Statutory Vehicle Inspection 19% Automotive OEM 11% Power 8% Construction 5% Other 17% Energy & Industry 66% Laboratories 4% Auto 19% Idiada 11%
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(46% )* (18% )* (9% )* (7% )* (3% )*
* H1 2015
(17% )* (70% )* (3% )* (18% )* (9% )* (17% )* (27% )* (21% )* (9% )* (12% )* (14% )*
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66%
Revenue
41%
Adj.Op. Profit
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(* ) LY restated on a constant currency basis (1) Electromagnetic compatibility
4%
Revenue
3% Adj.Op. Profit
% Change 7.0% 5.9%
% Change 39.5% 34.7%
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(* ) LY restated on a constant currency basis
19%
Revenue
42% Adj.Op. Profit
% Change 3.7% (0.0)%
% Change 1.2% (3.4)%
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(* ) LY restated on a constant currency basis
14% Adj.Op. Profit 11% Revenue
% Change 12.9% 11.9%
% Change 9.0% 10.5%
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EUR Million
Other results Statutory results
Other results Statutory results Revenue 783.7 ‐ 783.7 860.4 ‐ 860.4 (8.9)% Ebitda 95.0 (5.5) 89.5 108.0 (6.2) 101.8 (12.0)% Operating Profit 70.6 (29.3) 41.2 83.1 (32.2) 50.9 (15.1)% Net financial expenses (11.4) 0.0 (11.4) (11.0) 0.0 (11.0) Share of profit of associates 0.9 0.0 0.9 1.0 0.0 1.0 Profit Before Taxes 60.1 (29.3) 30.7 73.2 (32.2) 40.9 (17.8)% Income tax (14.3) 5.5 (8.8) (18.2) 7.4 (10.8) Non controlling interests (4.4) 0.0 (4.4) (4.9) 0.0 (4.9) Net Profit 41.4 (23.8) 17.6 50.0 (24.8) 25.3 (17.3)% Number of Shares 130,016,755 130,016,755 130,016,755 130,016,755 EPS, in Euros 0.32 0.14 0.38 0.19 (17.3)% H1 2016 H1 2015 +/‐ % Adj. Results
(* ) The comparative figures for Statutory H1 2015 shown in the table above have been restated from those previously reported due to an increase in amortisation in acquisition intangibles by €0.8 million as permitted by International Financial Reporting Standards (IFRS) within a 12 month period of an acquisition. This is further explained in note 2.c of the Financial Statements presented as at 30 June 2016
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Actual 2015
Actual 2016
Actual 2016
Actual 2015
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Actual 2015
Actual 2016
Actual 2015 Actual 2016
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Adj.Op.Profit margin
6.9% 7.5% ‐64 bps 11.0% 11.7% ‐71 bps
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CF Statement Restructuring Impacts Historical Mgmnt Incentive Plan Others Add Back capex & interests Non cash items Statutory CF Staturory CF equivalent epigraph Adjusted EBITDA 95.0 (0.2) (5.5) (0.3) (58.3) 30.7 Profit Before taxes Non cash items 58.3 58.3
Non cash items
Working Capital variation (23.4) (5.8) 2.6 (26.5)
(Increase)/Decrease in working capital
Capex (25.0) 25.0 ‐ Adjusted Operating Cash Flow 46.7 (6.0) (2.9) (0.3) 25.0 ‐ 62.5
Cash Conversion rate 49.1%
Taxes Paid (12.4) (3.4) (15.8)
Taxes Paid
Interest Paid (5.6) 5.6 ‐ Adjusted Free Cash Flow 28.7 (6.0) (2.9) (3.7) 30.6 ‐ 46.7 Operating Cash Flow Capex & Interests ‐ (30.6) (30.6)
Capex & Interest paid
Extraordinaries (9.4) 6.0 3.4 ‐ Historical Mgmnt. Incentive Plan (9.5) 9.5 ‐ Minorities (2.6) (2.6)
Minorities
Acquisitions / Disposals (2.1) (2.1)
Acquisitions/Disposals of subsidiaries
Others (0.3) 0.3 0.0 Cash Generated 4.9 ‐ 6.6 ‐ ‐ ‐ 11.5 Curency translations (10.0) (10.0)
Currency translations
Changes in financing (37.9) (6.6) (44.5)
Changes in financing
Cash increase (decrease) (42.9) ‐ ‐ ‐ ‐ ‐ (42.9) Cash Increase / (Decrease)
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(* )
(* ) Adverse tax ruling
31 H1 2016 FY 2015 H1 2016 FY 2015 Equity 650.1 651.3 Goodwill 528.2 528.0 Long Term Provisions 23.9 28.9 Other intangible assets 555.2 581.5 Bank borrowings 739.3 767.4
PPA 504.5 528.5
Other financial liabilities 24.4 24.0
Other intangible assets 50.7 53.0 Deferred Tax Liabilities PPA 120.6 126.2
Tangible assets 206.7 209.2
Deferred Tax Liabilities Others 35.3 35.1
Non current Financial Assets 14.6 14.0 Deferred Tax Liabilities 155.9 161.3 Deferred Tax Assets 85.7 85.4 Other non current liabilities 10.0 13.2 Total Non‐Current Assets 1,390.4 1,418.1 Total Non‐Current Liabilities 953.5 994.8 Inventories 9.5 10.1 Short term provisions 1.9 1.9 Trade & Other receivables 423.3 420.5 Bank borrowings 28.1 52.5 Corporate Income Tax assets 11.5 12.3 Trade & Other payables 294.5 303.1 Current financial assets 4.1 4.3 Income Tax Liabilities 16.7 15.7 Cash & Cash equivalents 119.5 162.4 Other current liabilities 13.5 8.4 Total Current Assets 567.9 609.6 Total Current Liabilities 354.7 381.6 Total Assets 1,958.3 2,027.7 Total Equity & Liabilities 1,958.3 2,027.7